Samsung Group's shipbuilding and engineering units have announced they will merge before the year's end as the nation's top conglomerate speeds up its restructuring drive.
Samsung Heavy Industries and Samsung Engineering say they will proceed with the merger with a stock ratio of 2.3-6 Samsung Heavy Industries shares per one Samsung Engineering share.
Both units say this will provide a synergy effect in designing, purchasing and managing onshore as well as offshore plants.
The company hopes the merger, set to be completed by December 1st will boost their revenue by 60 percent from last year to a combined 40 billion dollars by the year 2020.